Stockchase Opinions

Greg Guichon PBB Global Logisitics PBB.UN-T BUY May 20, 2005

Has been disappointing, but believes management is turning it around. Going through 3 mergers so this has created some problems. This should clear up.
$13.000

Stock price when the opinion was issued

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DON'T BUY
Underperformed on their recent quarter. Closed down a non-profitable divisions recently. Made some US acquisitions of which he is a little sceptical. Will watch for proof before buying more.
WAIT
In the panalty box. Dissapointing 3rd qtr.
WAIT
In the customs brokerage business. Likes this business in a trust format. It's fairly stable and fairly predictable. Has decent growth embedded in it. Made a couple of acquisitions in the last few months. Clark Logistics which is a bit of a step out from their core business and one of Manitoba's largest custom brokerages. This will be a transition year.
BUY
Likes the comany and would be looking for an opportunity to invest in it. Very good at the border customs, logistics, moving things through, etc. A very well managed company. Has come off a bit recently which is an opportunity.
WAIT
Likes this industry as a good fit and complimentary for a trust model. Feels this one is in a bit of a turn around situation. Wait to see what happens over the next couple of quarters. Have new management and they are trying to right some of the wrongs by previous management and fully integrate some of the acquistions made.
BUY
Involved in a hostile takeover by Livingston (LIV.UN-T). The combined company would be very strong. A natural fit. If you own, tender into the offer.
TOP PICK
Livingston (LIV.UN-T) is making a hostile bid. They are also a custom brokerage. Good synergies if it goes through..
HOLD
In discussions on a takeover offer by Livingston (LIV.UN-T). Thinks this will b e a very good combination. The sum of the parts will be better than the 2 pieces.
TOP PICK
Livingston (LIV.UN-T) is merging with PBB Logistics (PBB.UN-T) and the synergies will be very high. The toughest part will be integrating their IT systems.